Larvotto Advances Hillgrove Commissioning and Expands Copper Footprint

Hillgrove Processing Facility Enters Commissioning Phase

Larvotto Resources (ASX:LRV) has marked a significant milestone with the staged commissioning of its Minerals Processing Facility at the Hillgrove Antimony-Gold Project in New South Wales. The crushing circuit has been successfully commissioned using ore from the Metz underground mine, with wet plant commissioning well advanced. This progress sets the stage for the planned first production target in August 2026, aiming to deliver 4,900 tonnes of antimony and 40,500 ounces of gold annually over an initial eight-year mine life.

The Hillgrove Project, hosting 1.7 million ounces of gold equivalent resources at 7.4 g/t AuEq, is positioned among the world's top antimony deposits and Australia's largest. The operation benefits from strong infrastructure, including grid power and electric underground equipment, which supports lower operating costs and environmental sustainability.

Midas Lode Exploration Target Bolsters Near-Mine Growth

Larvotto has unveiled an initial JORC Exploration Target for the Midas Lode within the Metz Mining Centre, estimating a preferred target of 3.95 million tonnes at 5.16 g/t AuEq for 656,000 ounces of gold equivalent. This target is accessible from both surface and existing underground workings, offering a near-term development opportunity that complements the broader Hillgrove exploration pipeline.

Recent drilling results reinforce the potential of Midas, with standout intercepts including 8.0 metres at 16.11 g/t AuEq and 13 metres at 8.56 g/t AuEq. Drilling continues with multiple rigs active, aiming to complete a maiden Mineral Resource Estimate supported by approximately 15,000 metres of planned drilling. This exploration momentum is critical to extending Hillgrove's mine life beyond the current eight years.

Blockade Copper Mine Option Exercised Following Robust Drilling

In Queensland, Larvotto has exercised its option to acquire exclusive rights to the Blockade Copper Mine near Mt Isa, following due diligence drilling that confirmed strong and continuous copper mineralisation. The program returned significant intersections such as 31 metres at 1.16% copper, with mineralisation open at depth and along strike.

The Blockade Mine acquisition advances Larvotto’s strategy to establish a near-term copper production hub in the Mt Isa region. The mine is expected to become the foundation of a hub-and-spoke operation, leveraging Larvotto’s existing tenements and infrastructure. Resource expansion and mine restart studies are underway to facilitate a production ramp-up.

Hammer Metals Acquisition to Create District-Scale Copper Platform

Larvotto has entered a binding Scheme Implementation Deed to acquire Hammer Metals Limited (ASX:HMX), significantly expanding its copper and critical minerals portfolio. The acquisition adds approximately 530,000 tonnes of copper equivalent resources, including the Kalman Project, which hosts a substantial JORC Resource of 39.2 million tonnes at 1.27% CuEq.

This strategic move positions Larvotto as a leading Australian critical minerals and precious metals company with diversified exposure to antimony, gold, copper, tungsten, molybdenum, and rhenium. The deal is unanimously recommended by Hammer’s board and includes a $15 million placement from Glencore at a 15% premium, underscoring strong support for Larvotto’s Mt Isa growth strategy.

Corporate Developments and Financing Strength

Larvotto appointed former Federal Senator The Hon. David Fawcett as Strategic Advisor to guide the company’s engagement with government and defence sectors, particularly in positioning antimony within critical minerals and national security supply chains. This appointment aligns with the Australian Government’s Critical Minerals Stockpile legislation, where Larvotto is one of only two suppliers capable of delivering antimony.

Financially, Larvotto maintains a robust cash position of $88 million, supported by the final drawdown of its Nordic Bond financing and the strategic placement by Glencore. The company is fully funded for the Hillgrove restart and ongoing exploration activities, with three diamond drill rigs currently operating to accelerate resource growth across multiple targets.

Tailings Recovery and Environmental Initiatives

Metallurgical testwork on historic tailings at Hillgrove’s TSF1 facility demonstrated promising recoveries of 80–95% for antimony and 40–75% for gold, with ongoing studies to optimise tungsten recovery. This approach offers the dual benefit of supplementing mill feed while advancing environmental rehabilitation of legacy tailings.

Meanwhile, the Modification 5 process to double processing capacity to 500,000 tonnes per annum and transition to dry-stack tailings is progressing through regulatory assessment, with Larvotto engaging constructively with authorities to secure timely approvals.